MIRA
INFORM REPORT
|
Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAVIS FASHIONS PRIVATE LIMITED |
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Registered Office : |
36, Marol Co-operative Industrial Estate, Off Sir M.V. Road, Marol,
Andheri(East), Mumbai-400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.02.1994 |
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Com. Reg. No.: |
11-76509 |
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CIN No.: [Company
Identification No.] |
U18100MH1994PTC076509 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11517C |
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PAN No.: [Permanent
Account No.] |
AAACK9496R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Leather Footwear |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Raju |
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Designation : |
Accounts Department |
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Date : |
09.05.2008 |
LOCATIONS
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Registered Office / Factory : |
36, Marol Co-operative Industrial Estate, Off Sir M.V. Road, Marol,
Andheri(East), Mumbai-400 059, Maharashtra, India |
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Tel. No.: |
91-22 66688000 |
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Fax No.: |
91-22 28525291 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kapil Mahindra Mahtani |
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Designation : |
Director |
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Address : |
Navroze Premises Co-operative Society Limited, 66 Pali Hill, Bandra
[West], Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
14.06.1980 |
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Date of Appointment : |
26.06.1998 |
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Name : |
Mr. Vikas Mahindra Mahtani |
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Designation : |
Director |
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Address : |
Navroze Premises Co-operative Society Limited, 66 Pali Hill, Bandra
[West], Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
07.10.1982 |
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Date of Appointment : |
27.05.2002 |
KEY EXECUTIVES
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Name : |
Mr. Kapil Mahtani |
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Designation : |
Chief Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Kapil Mahindra Mahtani |
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219000 |
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Tanuja Mahindra Mahtani |
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40010 |
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Vikas Mahindra Mahtani |
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180990 |
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Total |
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440000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Leather Footwear |
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Products : |
Ladies Casual Boots, Shoes, Sandals, Men’s Casual Boots, Shoes,
Sandals. |
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Exports : |
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Products : |
All Products |
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Countries : |
Belgium, Italy, Spain, France, Australia, Denmark, USA, UK and Greece |
GENERAL
INFORMATION
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Customers : |
Imports |
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No. of Employees : |
Around 150 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Haresh Mehta and
Company Chartered Accountants Ashra, A / 302, R. C. Road, Chandavarkar X Road No. 1, Borivali
[West], Mumbai – 400059, Maharashtra, India Gosar Associates
Chartered Accountants 8 Amir Building Shanta Wadi, J P Road, Andheri [West], Mumbai –
400058, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2028500 |
Equity Shares |
Rs. 10/- each |
Rs. 20.285
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.285 |
6.185 |
4.400 |
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2] Share Application Money |
0.500 |
3.566 |
0.000 |
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3] Reserves & Surplus |
26.201 |
14.167 |
5.626 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.986 |
23.918 |
10.026 |
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LOAN FUNDS |
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1] Secured Loans |
24.432 |
7.547 |
10.743 |
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2] Unsecured Loans |
3.973 |
4.921 |
9.148 |
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TOTAL BORROWING |
28.405 |
12.468 |
19.891 |
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DEFERRED TAX LIABILITIES |
0.234 |
0.130 |
0.209 |
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TOTAL |
75.625 |
36.516 |
30.126 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.931 |
10.477 |
6.650 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.020 |
1.668 |
1.447 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.00 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.961
|
26.299 |
15.161 |
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Sundry Debtors |
31.913
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27.464 |
34.967 |
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Cash & Bank Balances |
21.695
|
7.094 |
1.968 |
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Other Current Assets |
20.000
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0.000 |
0.000 |
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Loans & Advances |
24.937
|
15.329 |
10.965 |
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Total
Current Assets |
124.506
|
76.186 |
63.061 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
52.968
|
44.324 |
39.381 |
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Provisions |
14.869
|
7.499 |
1.661 |
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Total
Current Liabilities |
67.837
|
51.823 |
41.042 |
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Net Current Assets |
56.669
|
24.363 |
22.019 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.008 |
0.010 |
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TOTAL |
75.625 |
36.516 |
30.126 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover including Other Income |
|
301.118 |
228.428 |
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Profit/(Loss) Before Tax |
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22.060 |
14.736 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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22.060 |
14.736 |
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Expenditures : |
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Interest |
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5.117 |
3.385 |
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Depreciation & Amortization |
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2.323 |
1.911 |
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Other Expenditure |
|
271.618 |
208.396 |
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Total Expenditure |
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279.058 |
213.692 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.33
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6.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.33
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6.45 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.82
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17.00 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.47
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0.62 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.05
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2.69 |
6.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.84
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1.47 |
1.54 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Harish
Infotech Private Limited
- Alpha Systems
Bankers Charges
Report as per Registry
|
Name of the company |
KAVIS FASHIONS PRIVATE LIMITED |
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Presented By |
Jointly by the company and State Bank of
Indore |
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1) Date and description of instrument creating the change |
Agreement for
cash credit hypothecation of goods dated 6th October, 2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the borrower’s
stock whether raw or in process of manufacture and all articles after from
time to time during this security shall be brought into stored or be in or
about the borrower godowns or premises or wherever the same may be including
any such goods in course of transit or delivery shall be hypothecated or the
bank and its assigns by way of first charge as security fro the payment by
the borrower to the bank on demand of all moneys at any time payable by the
borrower to the bank in respect of the said cash credit account and also as
security for the payment and discharge of all indebtedness or liability of
the borrower to the bank in respect of any bills of exchange promissory notes
or instruments at any time drawn made accepted or endorsed by the borrower
solely or jointly with other which the bank may discount or become interested
in together with all interest discount commission charges costs and expenses
payable to or incurred by the Bank in relating thereto. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.75 %
p.a. Security to cover
principal amount together with interest, costs, charge, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Indore, 214, D. N. Road, Mumbai – 400001 |
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6) Date and brief description of instrument modifying the charge |
Agreement for
cash credit hypothecation of goods Agreement for
cash credit hypothecation of dents and assets Both agreements
dated 3rd December, 2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By present
modification – charge enhanced from Rs. 8.000 millions to Rs. 13.000 Millions
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80012977 |
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Corporate
identity number of the company |
U18100MH1994PTC076509 |
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Name of the
company |
KAVIS FASHIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
36, Marol Co-operative Industrial Estate, Off Sir M.V. Road, Marol,
Andheri(East), Mumbai-400 059, Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
State Bank of Indore Empire House, 214, D N Road, Fort, Mumbai – 400001, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of credit
/ guarantee / bill purchase / hypothecation agreement |
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Date of
instrument Creating the charge |
15.02.2007 |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per RBI / H.O.
Rules Terms of
Repayment As per RBI / H.O.
Rules Margin As per RBI / H.O.
Rules Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc. |
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Short particulars
of the property charged |
The whole of the
Borrowers stocks of different kinds of leather sheets and some other items of
embroidery design of the footwear and other raw materials and stores whether
raw or in process of manufacture and all articles manufactured there from
which now or hereafter from time to time during this security shall be
brought into store or be in or about the Borrower’s Godown or premises a
Andheri, Mumbai |
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Date of latest
modification prior to the present modification |
29.09.2006 |
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Particulars of
the present modification |
Charge enhanced
from Rs. 5.000 Millions to Rs. 10.000 Millions |
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.33 |
|
UK Pound |
1 |
Rs.82.31 |
|
Euro |
1 |
Rs.65.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|